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ltluvit
Joined: 27 Mar 2006
Posts: 224
Location: east of the Mississippi and north of the Ohio
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Posted: Fri Oct 17, 2008 7:10 pm Post subject: Sears Canada Says CFO To Resign
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And another one gone ...
LT 
Sears Canada Says CFO To Resign; Names Replacement- Update
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(RTTNews) - Friday, Sears Canada Inc. said its Senior Vice-President and Chief Financial Officer David Merkley would resign to pursue other interests. The company appointed Allen Ravas as its new finance chief with effect from October 20.
Merkley has served in Sears Canada in the capacity of CFO since 2005.
Ravas has served senior vice president of finance in Sears Holdings Corp. (SHLD) since 2005. Ravas has also held senior roles in various finance portfolios including Merchandising, Supply Chain and Off-Mall, working in companies such as, Target Corp. (TGT) and with May Department Stores.
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FLlifer
Joined: 16 Feb 2005
Posts: 102
Location: FL Florida
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Posted: Fri Oct 17, 2008 7:30 pm Post subject:
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This getting interesting. Wonder why?????? Hummm.
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SearsCanada
Joined: 29 Mar 2006
Posts: 1236
Location: Ontario, Canada
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Posted: Fri Oct 17, 2008 9:22 pm Post subject:
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the official Sears Canada press release:
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Sears Canada Appoints Chief Financial Officer
TORONTO, Oct. 17, 2008 (Canada NewsWire via COMTEX News Network) -- Sears Canada Inc. (TSX: SCC) announced today that David B. Merkley, Senior Vice-President and Chief Financial Officer, will be leaving the Company to pursue other interests. He will remain with Sears until November 13, 2008, to help ensure a smooth transition. Mr. Merkley has served as Chief Financial Officer since 2005.
The Board of Directors of the Corporation is pleased to announce the appointment of Allen Ravas as Senior Vice-President and Chief Financial Officer effective October 20, 2008. Mr. Ravas has held his current position as Senior Vice President, Finance, Sears Holdings Corporation since 2005.
"On behalf of the Board of Directors and associates of Sears Canada, I want to thank David for his contribution to the Company and wish him much success in his future endeavours," said Dene Rogers, President and Chief Executive Officer, Sears Canada Inc. "I also extend a warm Sears Canada welcome to Allen as he joins us in this very important role. He brings a wealth of experience to the position of CFO which will provide leadership to the organization on all financial matters. I look forward to having Allen join our team."
Mr. Ravas joined Sears Holdings in 1997 and has held senior roles in various finance portfolios including Merchandising, Supply Chain and Off-Mall. He was with Target Corporation from 1993 to 1997 and with May Department Stores from 1980 to 1993.
Sears Canada is a multi-channel retailer with a network of 197 corporate stores, 185 dealer stores, 45 home improvement showrooms, over 1,850 catalogue merchandise pick-up locations, 106 Sears Travel offices and a nationwide home maintenance, repair, and installation network. The Company also publishes Canada's most extensive general merchandise catalogue and offers shopping online at www.sears.ca.
SOURCE: Sears Canada Inc.
Contact for Media: Vincent Power, Sears Canada, Corporate Communications, (416)
941-4422, vpower@sears.ca
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Looks to me like Eddie and his boy Dene just wanted another of the "holdings" members in place. It would be interesting to find out what Mr. Merkley's other interests might be, in order to figure out if he left, or was forced out.
Finance guys seem to be the hardest to keep in this organization.
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Nofsdad
Joined: 06 Jul 2003
Posts: 7078
Location: Central CA
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Posted: Fri Oct 17, 2008 10:54 pm Post subject:
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Finance guys have a double whammy in this country. They've got to be willing to pull some pretty questionable machinations that may get them in trouble and they have to take the bullet when it all comes undone.
I have no doubt that their severance packages are just as outrageous as any other high powered exec but when you consider that the life expectancy of a CFO in a company the shape SHC is in is roughly four and a half minutes, I suppose that's how they get anyone to take the job in the first place.
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dictators_rule
Joined: 08 Jul 2003
Posts: 4996
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Posted: Sat Oct 18, 2008 3:56 am Post subject: 2 CFOs In ONE week
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2 CFOs for the same company gone in a week.
Don't forget Sears Canada Results go on the SHLD statements.
Coincidence?-2 CFOs right before the end of the 3rd quarter,3 months before year end results comeout
2 repeat 2 CFOs for the same company in one weeK???????????
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